As the school year continues after a few weeks of spring break and the promise of long summer days loom on the horizon, many families have started to think about finding their dream home. The real estate market in Squamish has started its annual upswing. Many people want to find their new property, close on the house, and move in before the full swing of summer begins.
In February 2017, there were 111 active listings for detached properties, 51 townhomes, and 23 condos available for sale in the Squamish area. The detached properties typically stayed available for an average of 59 days. The townhomes and condos were on the market for a shorter time span — 26 day and 23 days respectively.
The average price of a detached property in Squamish has been hovering at $810,000. That is a price increase of 26.2 percent compared to last year. As spring home buying season gains momentum, the prices are projected to continue steadily and quickly increasing in the region.
The majority of detached properties were for sale in the Garibaldi Estates, Brackendale, and Garibaldi Highlands. Although, there was a sizable increase in properties for sale in Valleycliffe and University Highlands. Properties for sale could also be found in Britania Beach, Brennan Center, Dentville, Downtown Squamish, Northyards, Hospital Hills, Tantalus, Upper Squamish, Paradise Valley, Plateau, and Ring Creek. Although in such areas, available properties remain very limited and tend to be snagged up quickly by buyers.
The hot area for townhomes remains Downtown Squamish. In such a high demand area, the average price of a townhome sits at $729,400. Townhomes in the location have undergone a price increase of 43.5 percent in the last year.
In February, condos for sale could be found in Downtown Squamish, Garibaldi Estates, Tantalus, and Valleycliffe. The average price for a condo in such parts of Squamish hovers at $369,800. Condo prices have experienced a 24.7 percent increase in price over the last year.
As the Squamish real estate market heats up this spring, it is projected that properties will also undergo a steady increase in prices and will remain on the market less time than in February as more people and families search for their dream residence. In all likelihood, the supply of residences for sale will not meet the burgeoning demand in the area as people look to move to Squamish.